Advantest
ATEYYOTC Markets OTCPKUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $183.58 Prior regular-session close from the quote source.
- $195.60–$203.35 Regular-session low and high so far today.
- 22.2K Regular-session shares traded · Nov 11, 3:59 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $113.38–$272.50 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ATEYY if that structural demand proves durable through the ATE cycle and against Teradyne and local-tester competition.
ATEYY price history
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Investment thesis
What must happen next
Rising chip complexity and reliability requirements keep external production test capacity mission-critical for customers, so Advantest’s tester demand is driven by more than a normal semiconductor capex cycle.HoldingMateriality: High
Annual GAAP revenue increased from ¥111.878 billion in FY2014 to ¥163.329 billion in FY2015, showing strong demand conversion when the test cycle turned up. If this holds, revenue can compound through successive technology nodes; if it breaks, the business reverts to a lower-quality cyclical equipment model.
Watch: Teradyne wins qualified high-volume production slots at leading logic, AI accelerator, or memory customers that previously would have used Advantest platforms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue increased from ¥111.878 billion in FY2014 to ¥163.329 billion in FY2015, showing strong demand conversion when the.
Open source ↗Customer qualification, test-program continuity, and production-risk avoidance protect Advantest from pure price competition in high-end testers.HoldingMateriality: High
Annual GAAP gross profit rose from ¥49.333 billion in FY2014 to ¥90.426 billion in FY2015, outpacing the revenue rebound over the same period. If qualification barriers hold, growth should carry attractive gross profit; if they erode, revenue can rise while economic value leaks to customers or competitors.
Watch: Teradyne displaces Advantest at qualified high-end production accounts by offering equivalent performance with better cost of ownership.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit rose from ¥49.333 billion in FY2014 to ¥90.426 billion in FY2015, outpacing the revenue rebound over.
Open source ↗Advantest’s fixed engineering and support base creates powerful operating leverage in upcycles, but only if management keeps R&D and field capacity aligned with actual tester demand.HoldingMateriality: Medium
Annual GAAP operating_income swung from a ¥36.369 billion loss in FY2014 to ¥14.619 billion income in FY2015 as revenue recovered. This determines whether revenue growth becomes owner earnings or is absorbed by fixed costs during weak demand periods.
Watch: A prolonged semiconductor equipment downcycle leaves Advantest carrying excess engineering, manufacturing, or service capacity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating_income swung from a ¥36.369 billion loss in FY2014 to ¥14.619 billion income in FY2015 as revenue recovered.
Open source ↗A large cash position gives Advantest the staying power to keep investing through test-equipment downcycles and remain qualified for the next customer technology ramp.HoldingMateriality: Medium
Cash and cash equivalents were ¥97.574 billion at FY2015 year-end, up from ¥68.997 billion at FY2014 year-end. If this holds, downcycles can become share-gain opportunities; if cash is consumed or misallocated, Advantest may underinvest exactly when customers move to new platforms.
Watch: A multi-year order downturn forces cash burn while Advantest must keep funding product development and customer support.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were ¥97.574 billion at FY2015 year-end, up from ¥68.997 billion at FY2014 year-end.
Open source ↗Per-share value creation depends on Advantest’s earnings recovery being broad-based across test applications rather than concentrated in one temporary memory, logic, or smartphone-related product cycle.HoldingMateriality: Medium
Annual GAAP diluted EPS improved from -¥204.10 in FY2014 to ¥67.16 in FY2015 as the operating cycle recovered. If earnings power is broad-based, owners benefit from durable EPS compounding; if it is narrow, EPS can collapse when that end market pauses.
Watch: AI/HPC or memory customers pause capacity additions after a concentrated tester buildout.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP diluted EPS improved from -¥204.10 in FY2014 to ¥67.16 in FY2015 as the operating cycle recovered.
Open source ↗
Full investment case & evidence
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Original research
Rising chip complexity and reliability requirements keep external production test capacity mission-critical for customers, so Advantest’s tester demand is driven by more than a normal semiconductor capex cycle. If this holds, revenue can compound through successive technology nodes; if it breaks, the business reverts to a lower-quality cyclical equipment model.
Customer qualification, test-program continuity, and production-risk avoidance protect Advantest from pure price competition in high-end testers. If qualification barriers hold, growth should carry attractive gross profit; if they erode, revenue can rise while economic value leaks to customers or competitors.
Advantest’s fixed engineering and support base creates powerful operating leverage in upcycles, but only if management keeps R&D and field capacity aligned with actual tester demand. This determines whether revenue growth becomes owner earnings or is absorbed by fixed costs during weak demand periods.
A large cash position gives Advantest the staying power to keep investing through test-equipment downcycles and remain qualified for the next customer technology ramp. If this holds, downcycles can become share-gain opportunities; if cash is consumed or misallocated, Advantest may underinvest exactly when customers move to new platforms.
Per-share value creation depends on Advantest’s earnings recovery being broad-based across test applications rather than concentrated in one temporary memory, logic, or smartphone-related product cycle. If earnings power is broad-based, owners benefit from durable EPS compounding; if it is narrow, EPS can collapse when that end market pauses.
All standing thesis claims
Original report summary
that structural demand proves durable through the ATE cycle and against Teradyne and local-tester competition.
Bull case and bear case
Bull case and bear case for Advantest
Where the evidence on Advantest stands: Holding on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Rising chip complexity and reliability requirements keep external production test capacity mission-critical for customers, so Advantest’s tester demand is driven by more than a normal semiconductor capex cycle.
Customer qualification, test-program continuity, and production-risk avoidance protect Advantest from pure price competition in high-end testers.
Advantest’s fixed engineering and support base creates powerful operating leverage in upcycles, but only if management keeps R&D and field capacity aligned with actual tester demand.
A large cash position gives Advantest the staying power to keep investing through test-equipment downcycles and remain qualified for the next customer technology ramp.
Per-share value creation depends on Advantest’s earnings recovery being broad-based across test applications rather than concentrated in one temporary memory, logic, or smartphone-related product cycle.
Bear case: what would count against it
Teradyne wins qualified high-volume production slots at leading logic, AI accelerator, or memory customers that previously would have used Advantest platforms.
Teradyne displaces Advantest at qualified high-end production accounts by offering equivalent performance with better cost of ownership.
A prolonged semiconductor equipment downcycle leaves Advantest carrying excess engineering, manufacturing, or service capacity.
Thesis-Break Engine
What has broken in Advantest’s thesis
Each break OptimistFi flagged on Advantest, dated — with what has historically followed the same kind of break across the market, not a forecast for Advantest.
- Sharp drawdowncondition set before this filing
Across all companies, this kind of break has happened 15,428 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- Teradyne wins qualified high-volume production slots at leading logic, AI accelerator, or memory customers that previously would have used Advantest platforms.
- Teradyne displaces Advantest at qualified high-end production accounts by offering equivalent performance with better cost of ownership.
- A prolonged semiconductor equipment downcycle leaves Advantest carrying excess engineering, manufacturing, or service capacity.
- A multi-year order downturn forces cash burn while Advantest must keep funding product development and customer support.
- AI/HPC or memory customers pause capacity additions after a concentrated tester buildout.
ATEYY news
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Financial statements
ATEYY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ATEYY: quick answers
- Have members of Congress traded ATEYY?
- 1 trade in ATEYY has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed ATEYY trade